Hong Kong Stock IPO Weekly Report: 3D Printing Enterprise SunP Submits Application; Multiple New Listings Perform Poorly in First Week

Cailian Press, March 15 — (Editor Feng Yi) Here is your weekly update on Hong Kong IPOs.

According to Liberum Securities, a total of 6 companies filed for listing with the Hong Kong Stock Exchange this week (March 9–15), 3 companies passed the listing hearing, 3 companies launched their IPOs, and 4 new stocks listed.

First, regarding filings, six companies submitted applications this week:

1. On March 9, Shenzhen Chuangxiang 3D Technology Co., Ltd. submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor.

The prospectus shows that Chuangxiang 3D was founded in 2014 and is a leading provider of consumer-grade 3D printing products and services. According to Zhuoshi Consulting, in 2024, based on GMV, Chuangxiang 3D ranks second in the global consumer 3D printer market and first in the global consumer 3D scanner market.

In terms of performance, in 2023, 2024, and 2025, the company achieved revenues of approximately RMB 1.883 billion, RMB 2.288 billion, and RMB 3.127 billion, respectively. Profits were approximately RMB 129 million, RMB 88.66 million, and a loss of RMB 182 million.

2. On March 9, Sige New Energy filed its IPO prospectus with the Hong Kong Stock Exchange, with CITIC Securities and BNP Paribas acting as joint sponsors.

The prospectus shows that Sige New Energy was established in May 2022, mainly developing and providing innovative renewable energy solutions for households and businesses. In June 2023, the company launched its flagship product, SigenStor.

In performance, for the first three quarters of 2023, 2024, and 2025, Sige New Energy’s revenue was RMB 58 million, RMB 1.33 billion, and RMB 5.641 billion; net profits were RMB -37.3 million, RMB 83.84 million, and RMB 1.89 billion, turning losses into profits.

3. On March 9, Zhengpin Holdings Limited submitted an application for listing on the Main Board, with Hongbo Capital as its sole sponsor.

According to the prospectus, the company mainly engages in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong. According to Frost & Sullivan, in 2024, the company’s market share among all international and local health and beauty supplement suppliers in Hong Kong is about 1.6%.

In performance, for fiscal years 2023, 2024, 2025, and the first half of 2026, the company’s revenues were approximately HKD 43.19 million, HKD 110 million, HKD 130 million, and HKD 52.44 million; profits were HKD 11.31 million, HKD 35.48 million, HKD 36.26 million, and HKD 0.944 million.

4. On March 11, Shenzhen Maike Tian Medical Technology Co., Ltd. submitted an application for listing on the Main Board, with Morgan Stanley and Huatai International as joint sponsors.

The prospectus shows that Maike Tian is a global medical device provider, meeting clinical needs across various departments, wards, clinics, community health centers, testing agencies, and home care scenarios. As of December 31, 2025, its product portfolio includes over (i) 60 life support products, (ii) 110 minimally invasive intervention products, and (iii) 160 in vitro diagnostic products, with multiple models to meet different application needs. Maike Tian’s products are available in over 140 countries and regions worldwide.

In performance, revenues for 2023, 2024, and 2025 were approximately RMB 1.313 billion, RMB 1.399 billion, and RMB 1.619 billion. Losses for the same periods were RMB 64.508 million, RMB 96.617 million, and RMB 50.738 million.

5. On March 13, Shenghuo Holdings Group Limited submitted an application for listing on the Main Board, with Cinda International as its sole sponsor.

According to the prospectus, Shenghuo Holdings is a marketing company. Based on 2024 service revenue, it ranks fourth among QR code marketing solution providers in China, with a market share of about 1.8%.

In performance, for fiscal years 2023, 2024, and 2025, the company’s revenues were approximately RMB 163 million, RMB 252 million, and RMB 301 million. Net profits were RMB 27.15 million, RMB 33.20 million, and RMB 38.61 million.

6. On March 13, Jiangxi Qiyunshan Food Co., Ltd. submitted an application for listing on the Main Board, with Zhongtai International as its sole sponsor.

The prospectus shows that Qiyunshan is a leading Chinese snack company specializing in products made from Chinese sour jujube. According to Zhuoshi Consulting, in 2024, based on retail sales, Qiyunshan holds a 32.4% share of the Chinese sour jujube food market, ranking first.

Performance shows that in fiscal years 2023, 2024, and 2025, Qiyunshan achieved revenues of approximately RMB 247 million, RMB 339 million, and RMB 314 million, with net profits of RMB 23.705 million, RMB 53.199 million, and RMB 48.925 million.

Next, regarding the listing hearings, three companies successfully passed this week:

1. On March 9, Jiangsu Zejing Automotive Electronics Co., Ltd. passed the Hong Kong Stock Exchange Main Board hearing, with Haitong International Capital and CITIC Securities (Hong Kong) as joint sponsors.

The prospectus shows that Zejing Electronics focuses on HUD solutions. During the performance record period, the company mainly provides comprehensive solutions centered on windshield HUD (W-HUD) solutions CyberLens and augmented reality HUD (AR-HUD) solutions CyberVision, along with testing solutions and other innovative visual technology solutions.

Financially, for 2022, 2023, 2024, and the nine months ending September 30, 2024, Zejing Electronics’ revenues were approximately RMB 214 million, RMB 549 million, RMB 578 million, and RMB 480 million; losses were approximately RMB 256 million, RMB 175 million, RMB 138 million, and RMB 344 million.

2. On March 10, Hangzhou Tongshifu Cultural & Creative (Group) Co., Ltd. passed the Hong Kong listing hearing, with China Merchants Securities as the sole sponsor.

The prospectus states that Tongshifu has focused on combining traditional craftsmanship with modern design and usage scenarios to develop copper cultural and creative products. According to Frost & Sullivan, as of the fiscal year ending December 31, 2024, Tongshifu ranks first in China’s copper cultural and creative craft products market by total revenue, with a market share of 35.0%.

Financially, for 2022, 2023, 2024, and the nine months ending September 30, 2024, Tongshifu’s revenues were approximately RMB 503 million, RMB 506 million, RMB 571 million, and RMB 448 million; total profits were approximately RMB 56.94 million, RMB 44.13 million, RMB 78.98 million, and RMB 41.55 million.

3. On March 12, Hantian Tiancheng Electronic Technology (Xiamen) Co., Ltd. passed the Hong Kong listing hearing, with CICC as the sole sponsor.

The prospectus shows that Hantian Tiancheng is a leader in the global silicon carbide (SiC) epitaxy industry. The company mainly engages in R&D, mass production, and sales of silicon carbide epitaxial wafers and components for manufacturing silicon carbide semiconductor devices. According to Zhuoshi Consulting, since 2023, based on annual wafer sales, Hantian Tiancheng is the world’s largest supplier of silicon carbide epitaxial wafers, with a market share exceeding 30% in 2024.

Financially, for 2022, 2023, 2024, and 2025, revenues were approximately RMB 441 million, RMB 1.143 billion, RMB 974 million, and RMB 535 million; profits were approximately RMB 128 million, RMB 108 million, RMB 165 million, and RMB 21 million.

In terms of upcoming IPOs, three companies are planning to raise funds:

1. Guomin Technology (02701.HK) will conduct a global offering of 95 million H-shares from March 13 to 18, 2026, with 10% in Hong Kong public offering and 90% in international offering. The offer price will not exceed HKD 10.80 per share. Each lot is 200 shares, and trading is expected to commence on March 23, 2026, at 9:00 a.m. on the HKEX.

2. Feishu Innovation (03355.HK) will also offer 40 million H-shares from March 13 to 18, 2026, with 10% in Hong Kong public offering and 90% internationally. The price range is HKD 35.2–41.6 per share. Each lot is 100 shares, with trading expected to start on March 23, 2026, at 9:00 a.m.

3. Guanghe Technology (01989.HK) will offer 46 million H-shares from March 12 to 17, 2026, with 10% in Hong Kong public offering and 90% internationally. The offer price will not exceed HKD 71.88 per share. Each lot is 100 shares, with trading expected to begin on March 20, 2026, at 9:00 a.m.

Additionally, four new stocks listed this week:

On March 9, Ule Share (02649.HK), Zhaowei Electromechanical (02692.HK), and Eston (02715.HK) went public on the same day, with mixed first-day performance. As of March 13, Ule Share had fallen 54.73% in the first week, Zhaowei Electromechanical rose 7.81%, and Eston dropped 16.02%.

On March 10, Megatech Smart (03268.HK) listed, rising 1.52% on the first day, but then weakened over the following days, with a weekly decline of 9.15%.